The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1887-01-24
THE SUGAR MARKET.


The San Francisco correspondent o
| the ADVERTISER writes that there is the
same old news on sugar subjects. There
has been no change in San Francisco, bu
an advance of Lice is noted in Cuban a
New York. German Beet is also frmer
being ~ higher than our last quotations
The rise in Cuban at New York is moi
really one, as there has been a strong adj
vance there owing to strike among the
coal miners, and the reineries had not
sufficient coal for some time to enable
them to continue operations at their full
working capacity. But the strike was
ended, and prices were coming down
again to their customary low figure.
4 bill has been introduced in Con
gress offering a bounty OF $40 per ton on
all sugars manufactured in the United
States. This will probably become law
at the next session. 1t has also been
proposed to reduce the duty on all sugars
imported into the United States by one
cent a pound The effect that such
legislation would have upon Hawaiian
producers can be better imagined than
described, therefore We leave the subject
to their careful consideration. Further
than this, the Senate, which We fondly
imagined was our stronghold in Congress,
has refused to recommend a continuance
of the Treaty. This, in face OF the Pres
ident's remarks in his recent message,
is full of meaning, and it IS currently re-
ported tha$ it is the outcome of our
floating the Hawaiian loan in the Lon
don market instead of in the United
States. 1t is claimed that our American
friends have used their influence in this
direction to prevent American property
on the Islands from being absorbed by
English capitalists.
NEW YORK MARKET.
Latest New York papers report: The
demand has continued moderately ac-
tive, and fair amount of business has
transpired. The purchases have con-
sisted chiefly of Centrifugals, for which a
shade higher prices have been paid, and
two East India cargoes have been taken
on the basis of the prices paid early in
the week. The transactions there indi-
cate a frmer market, particularly for
Centrlfugals, which have sold at Bloc
for So test, Or Lice higher than quoted
in our last issue. MuscOvadoes are still
gu tied on the basis of 458c for 80 test,
which is readily obtainable, and the
offerings on this basis are only moderate.
The increased demand does not appear
to have been caused by any new feature
in the situation either here or abroad,
but is the result, no doubt, of more
hopeful feeling respecting the future, not
only with respect to the value of raw
material, but OF an improving demand
for refined. On this account refners
have been encouraged to increase their
holdings, especially as current values are
low enough to have discounted all the
unfavorable influences of increased pro-
duction during the current crop year.
There has been a good inquiry for Cuba
cargoes to arrive, but only moderate
sales have transpired. For 90 test Cen
2 13-16c, costs and freight, has
been readily obtainable, but sellers
views do not appear to have been below
PIC. Beet has ruled quiet, with no
business of importance reported, values
being relatively too high to attract the
of buyers.
HAvANA.-Advices from Havana, Jan
uary 1st, state that owing to the favor
able prevailing weather, the density Of
the juice is fast increasing in all the
localities, and on few estates only it falls
below 10 grades. The immense majority
of estates are now fairly at work, and
stocks are accordingly fast increasing at
all our markets The first cargo of new
sugar is nov being shipped at Matanzas
for New I ork. Stocks of new sugar at
Sagua add up 1900 bags, $50 hhds. Cen
tciIugals, 90 do. Muscovadoes and $50 do.
Moiasses, in which further contracts de-
liverable in January, February and
March have been closed on the basis of
2115c per gallon; besides two crops sold
at 81 per hid. deliverable at the Boca.
Our latest quotations are: